Monday Market Briefing - 30th June 2025

Wheat dumped £7.00/mt last week as the market removed any Middle-East risk premium and early harvest reports rolled in. Harvest progress so far is on time and best summed up by a phrase heard almost universally, ‘ better than expected. ‘

Despite the drop , which takes us right back to market lows for the new crop positions, there are some signs the market is reluctant to go lower. This Monday sees a USDA stocks and cropping update and some of this latest sell-off will have been in anticipation of more bearish news in the report. Room then for a rally if it has any bullish surprises in it. It will also be interesting to see how the rape market reacts to what should be confirmation of a hefty reduction in US soybean acres.

Wheat crops at our main trials event at Chalton looked slightly ahead of the calendar to my unpractised eye but farmers present were calling it only slightly early, maybe this next few days of heat will bring it forward some more. The French winter barley harvest is about 60% complete and running around 4-5% ahead of average yield with good berry size (67kg)  but quite low proteins. At home the south-east will probably see a few winter barley samples towards the end of this week, don’t expect the trade to be chasing you around the field for it as there won’t be any export trade for feed barley this year - European prices remain far below our own domestic trade. However, there are domestic bids cropping up which need to be grabbed so speak to the desk early if you might need to move some.

Have a good week.